Newbie - Call from Bank

barnaby-bear

Ramrod wrote:

Sorry this is all a bit new to me, Im not really sure how to work out car repairs I do the service but if anything more and I guess it would have to be credit card, I do stuff round the house myself, cut my own hair not much of a task these days, I do have to buy presents, but dont go to the dentist..bad me.
I did think about the whole renting a room in my house thing but because I have a 6 year old daughter who stays some nights and weekends, it just wouldnt work.
I do have at least 60K in the house as equity but dont earn enough to remortgage.

Your mortgage is high for income let alone the debts, basically you'd be ok with no debts but you have massive debts and it'll only get worse if nothing changes, the longer you do this the less access to cheap credit, 0% offers dwindle... what if mortgage rates go up (probably will) etc....
Loads of people rent a room with kids, I'm not suggesting a 40year old male paedophile - advertise for a female nurse/OT at local hospital, maybe daughter will have to share your room but for £3k a year and reduced bills it could make the difference between daddy having a house to visit, eventually saving money for DD to go to college, have nice things and daddy being in rented flat

Edinburghlass_2

Have you been with NTL long enough to threaten to cancel, if you have you can probably shave another £10 off your package by simply phoning them.

Brassic

Keep a spending diary and note down EVERYTHING you spend money on each day - it'll give you a better idea/shock you silly about what you spend.

Ramrod_2

I have been with ntl for a while and I phoned the other day and got about 15 knocked off but couldnt get anymore, I am going to cancel TV part and just have phone for 11, might be able to get work to pay for broadband bit.

Red_Fraggle_3

Good luck with it stillth you can do ;-) you have made the 1st step

Dolly_Smith

that is a whopping mortgage payment for your income I have to say. How much is it for if you don't mind me asking!?

BWZN93

How many years left of the mortgage is there? Is there any possibility of extending the term?

Jo x

Dr.Shoe_2

You could get a bit of extra cash by reclaiming bank charges.

makingendsmeet_2

As others have said. I can't see food in your budget. You have a car as you pay insurance but no allowance to put fuel in it or road tax etc. Is mortgage insurance really needed? Or can you find it cheaper? You have a huge morgage for your salary and lots of equity in your house. The most obvious option is to sell up and find a smaller cheaper house. With that much equity if you declare bankruptcy or enter into an IVA your creditors will what that equity. Remortgaging may seem an instant fix but you wll have to pay for the extra money you borrow and it will cost you dearly in extra intrest and more importantly it is all secured on your home. I cant totally understand that you don't want a lodger as you have a daughter. I would feel exactly the same as alot of people on this site forget, somethings are so much more important in life than paying back a few quid that you owe to the bank. The only way I would take a lodger with kids is if it was someone like a friend that i knew very well.